Century Homebuilders Group and Treo Group bought an 11.6-acre development site in Homestead.
The developers paid $10.5 million, or nearly $906,000 per acre, for the land between South Homestead Boulevard and South Krome Avenue, and between Southeast Fourth and Sixth streets, according to records and real estate database Vizzda. The site’s address is 503 South Krome Avenue,
Armando Bravo, through an affiliate, sold the land for nearly double his purchase price two years ago. Bravo, a south Miami-Dade real estate investor, bought the property for $5.4 million in late 2021, records show.
Coral Gables-based Century Homebuilders and Miami-based Treo took out a $4.2 million loan from Bravo’s affiliate for the purchase, according to Vizzda. It matures in 2027.
The development firms haven’t hammered down a specific project plan, Sergio Pino, of Century Homebuilders, told The Real Deal. “We saw an opportunity at a great location and are now deciding what to do with it,” he said.
The site purchase isn’t Century Homebuilders and Treo’s first investment in south Miami-Dade County. In Florida City, the development firms are working on a 16-acre mixed-use project on the site of the former Florida City Campsite & RV Park at 601 Northwest Third Avenue. The firms, which have since added an adjacent 8-acre parcel to the site, envision a large mixed-use project with over 1,000 residential units, a charter school, offices and commercial space, Pino said.
Century’s other projects include the completed four-building Midtown Doral complex with 537 condos and two garages in Doral. Near Midtown Doral, Century partnered with Mattoni Group and Colombian construction giant Conconcreto on a 326-unit apartment project with two six-story buildings on the southeast corner of Northwest 107th Avenue and Northwest 82nd Street. The project’s second phase will have another 349 units.
Treo Group is led by Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega.
South Miami-Dade has caught developers’ eyes in recent years largely due to the area’s development site prices, which come at a discount compared with lots in Miami’s urban core. Near Homestead, Shadi Shomar, Gonzalo De Ramon and Royal American Construction plan a pair of four-story buildings with 159 workforce-priced apartments on the southwest corner of Southwest 296th Street and South Dixie Highway.
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